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Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 480 shares of Medical Company common for $20 per share
Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 480 shares of Medical Company common for $20 per share plus a brokerage commission of $100. These are trading securities. April 1 Bought 28,000 of the 100,000 outstanding shares of Olde Company for $280,000. Goodwill of $78,000 was included in the price June 25 Received a $1.20 per share dividend on Medical Company stock. June 30 Olde Company reported second-quarter profits of $18,000 Oct. 1 Purchased 1,800 shares of Alpha Company for$15 per share plus a brokerage fee of $380 These shares are classified as securities available for sale Dec. 31 Medical Co. shares are selling for $25 and Alpha stock is selling for $12. Required Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1 2 3 4 5 6 7 Purchased 480 shares of Medical Company common for $20 per share plus a brokerage commission of $100. These are trading securities. Debit Credit Date General Journal Feb 17 *Enter debits before credits done record entry clear entry
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